By Rahul Agarwal, Andreas Kremer, Ida Kristensen, and Angela Luget
In the next five years, generative AI could fundamentally change financial institutions’ risk management by automating, accelerating, and enhancing everything from compliance to climate risk control.
Generative AI (gen AI) is poised to become a catalyst for the next wave of productivity gains across industries, with financial services very much among them. From modeling analytics to automating manual tasks to synthesizing unstructured content, the technology is already changing how banking functions operate, including how financial institutions manage risks and stay compliant with regulations.
It’s imperative for risk and compliance functions to put guardrails around gen AI’s use in an organization. However, the tech can help the functions themselves improve efficiency and effectiveness. In this article, we discuss how banks can build a flexible, powerful approach to using gen AI in risk and compliance management and identify some crucial topics that function leaders should consider.
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